Canada Emergency Business Account (CEBA)

The Canada Emergency Business Account (CEBA) provides interest-free loans up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.

Business owners are now able to apply for support from Northern Savings through the extended CEBA program (CEBA 3.0).

Application deadline has been extended to: October 31, 2020

If you have applied for Canada Emergency Business Account (CEBA) and have questions, please contact the CEBA Call Centre at 1-888-324-4201 to receive a status update on your CEBA application. The CEBA Call Centre is open Monday to Friday from 8:00 am to 9:00 pm EST and can address the following types of questions:

  • What is the status of my application?
  • Why was my application declined?
  • Why was my submitted document rejected?
If you do not have online banking with Northern Savings, please contact us as soon as possible and we can get your business set up - as you must have online banking in order to apply for CEBA.

Program Highlights

  • Interest rate of 0% until December 31, 2022, with an interest rate of 5% thereafter;
  • No minimum monthly principal payments required until December 31, 2022;
  • Principal repayments can be made at any time;
  • If you repay 75% of the Principal amount on or prior to December 31, 2022 the remaining 25% of the Principal amount will be forgiven.

How to Apply

Business owners can access the CEBA application through our MemberDirect Online Banking and MemberDirect Small Business websites. To access the application follow these steps:

  • Log in to your online banking account
  • On the left hand side select "Account Services"
  • Click on "Canada Emergency Business Account (CEBA)"
  • Complete the required steps and upload documents as required
  • Once submitted, a Northern Savings representative will process the application
  • If your application is approved, you will be contacted to sign the required documents

Eligibility

As of June 26, 2020, businesses eligible for CEBA now include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll. This means that more small businesses can access it.

Applicants without at least $20,000 in payroll in 2019 will have to demonstrate having eligible non-deferrable expenses between $40,000 and $1,500,000 in 2020. Visit the Government of Canada's website for a complete list of eligibility requirements >

FAQs

What businesses can apply for CEBA 3.0? Expand/Collapse

CEBA 3.0 extends the eligibility to now include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll. This means that more small businesses can access it.

I have multiple businesses, can I apply for the CEBA for each business? Expand/Collapse

Yes, each business that meets the eligibility criteria may apply for CEBA.

My business requires the consent of more than one signatory. Does this affect the application process? Expand/Collapse

Please ensure that only the authorized signer of your Northern Savings Business account applies and that you only submit one application per business.

How long will it take for me to get the money after I have applied? Expand/Collapse

Once you have applied, uploaded all necessary supporting documents, and if pre-funding eligibility validation is successful, you should expect to receive funding within 10-15 business days.

The processing time starts when your application form and all required supporting documentation is received by the Government of Canada.

Your application and supporting documentation must be properly completed to start the pre-funding eligibility validation process.

What will my loan payments be? Expand/Collapse

The loan is interest-free until December 31, 2022. Also, no principal repayments are required during this period unless you wish to repay $30,000, or 75% of the loan, to qualify for the $10,000 forgiveness feature.

If you choose to extend the loan beyond this date, an interest rate of 5% will apply during the extension period. We’ll provide you more information on interest payments during the extension period once the program is in place.

How is the loan distributed? Expand/Collapse

The loan will be deposited in your account after the loan is approved.

Do I have to be signed up for Online Banking to apply? Expand/Collapse

Yes, the application can only be done through our Online Banking platform. Signing up is fast and easy, and you will find that the features of Online Banking are very convenient. Contact your Business Account Manager to get set up > 

Contact our Business Account Managers

Haida Gwaii

Barry Pages
250.626.5303
barrypages@northsave.com

Prince Rupert

George Emes
250.627.3638
georgeemes@northsave.com

Brandon Haldane
250.627.3635
brandonhaldane@northsave.com

Terrace

Paige Franco
250.638.3246
paigefranco@northsave.com

Dave Pernarowski
250.638.3242
davepernarowski@northsave.com